I did some tests and realized that video mode gives more realistic look and less hustle during editing with color correction. Every time I shot using film mode I ended up with the look that I could get from video mode.

Video mode has much less dynamic range... I made a template in FCP that I throw on all my "raw" mode footage and it works great. I shot a few things with video mode and the dynamic range was so reduced, if the exposure wasn't 100% perfect it would be completely washed out, peaking in fact. The camera is absolutely not designed to be used in Video mode... kinda bothers me they even have it as an option.